Investment Analysts’ Weekly Ratings Updates for Banc of California (BANC)

A number of firms have modified their ratings and price targets on shares of Banc of California (NYSE: BANC) recently:

• 10/1/2024 – Banc of California had its price target raised by analysts at Wells Fargo & Company from $15.00 to $16.00. They now have an “equal weight” rating on the stock.
• 9/27/2024 – Banc of California had its price target raised by analysts at Barclays PLC from $14.00 to $16.00. They now have an “equal weight” rating on the stock.
• 9/24/2024 – Banc of California was upgraded by analysts at Wedbush from a “neutral” rating to an “outperform” rating. They now have a $18.00 price target on the stock, up previously from $14.00.
• 9/20/2024 – Banc of California had its price target raised by analysts at Truist Financial Co. from $15.00 to $16.00. They now have a “hold” rating on the stock.
• 9/17/2024 – Banc of California was upgraded by analysts at Raymond James from a “market perform” rating to an “outperform” rating. They now have a $16.00 price target on the stock.
• 9/4/2024 – Banc of California had its “equal weight” rating reaffirmed by analysts at Stephens. They now have a $14.00 price target on the stock.

Banc of California Stock Performance

Shares of BANC stock opened at $14.06 on Wednesday. The company has a current ratio of 0.89, a quick ratio of 0.83 and a debt-to-equity ratio of 0.32. The firm has a fifty day moving average price of $13.99 and a 200 day moving average price of $13.90. The company has a market cap of $2.21 billion, a P/E ratio of -4.22 and a beta of 1.13. Banc of California, Inc. has a 12 month low of $9.96 and a 12 month high of $15.54.

Banc of California (NYSE:BANC) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.09). Banc of California had a positive return on equity of 2.12% and a negative net margin of 21.99%. The firm had revenue of $492.38 million for the quarter, compared to analyst estimates of $271.42 million. During the same quarter in the previous year, the firm posted $0.32 EPS. Sell-side analysts predict that Banc of California, Inc. will post 0.59 earnings per share for the current fiscal year.

Banc of California Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th were paid a $0.10 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.40 annualized dividend and a yield of 2.85%. Banc of California’s dividend payout ratio is presently -12.01%.

Insider Buying and Selling at Banc of California

In other Banc of California news, Director Richard J. Lashley sold 75,000 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $14.00, for a total value of $1,050,000.00. Following the completion of the transaction, the director now owns 719,826 shares in the company, valued at $10,077,564. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.37% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Banc of California

A number of institutional investors and hedge funds have recently made changes to their positions in BANC. Fifth Third Bancorp raised its holdings in shares of Banc of California by 146.3% in the second quarter. Fifth Third Bancorp now owns 2,143 shares of the bank’s stock valued at $27,000 after buying an additional 1,273 shares during the last quarter. Riverview Trust Co purchased a new position in Banc of California during the first quarter worth about $29,000. Future Financial Wealth Managment LLC purchased a new position in Banc of California during the first quarter worth about $30,000. LifeSteps Financial Inc. purchased a new position in Banc of California during the first quarter worth about $60,000. Finally, Mendon Capital Advisors Corp purchased a new position in Banc of California during the second quarter worth about $102,000. 86.88% of the stock is owned by hedge funds and other institutional investors.

Banc of California, Inc operates as the bank holding company for Banc of California that provides various banking products and services in California. The company offers deposit products, such as checking, savings, money market, demand, and time deposits; certificates of deposit; retirement accounts; and safe deposit boxes.